In the event of loss, theft, or damage, it is important to be prepared. Whether you've spent years building your collection or just starting out, insurance appraisals are handy for when the unthinkable happens.\r\n\r\n3 reasons to Get a Jewelry Appraisal\r\n\r\nAppraisals are essential to the insurance process.\r\n\r\nDetermining a value is important, even if the jewelry is sentimental and you don't care what it is actually worth. It is good to know if any other insurance policies you may have cover appraised value of your jewelry. The value of your jewelry can also affect your premium. Value can fluctuate and your policies should change accordingly. Old appraisals can sometimes work in your favor, but it is important to have your jewelry appraisal updated every 2-3 years.\r\n\r\nYour word unfortunately is not good enough.\r\n\r\nAlthough your agent may trust you when it comes to the value of your items, insurance underwriters want it in writing and most prefer documentation from a certified source. Filing a claim doesn't mean that the insurance company is going to immediately fork over a check either. They want to see the "receipts" so to speak: a police report and\/or a how and why. A certified appraisal attests to the valuation, quality, design, and condition of your jewelry in the event of any loss, theft, or damage.\r\n\r\nSales receipts do not determine replacement value.\r\n\r\nCost and value are not the same. You may have paid a certain amount at the time of purchase, but market value fluctuates, therefore influencing your claim.\r\n\r\nThe general rule of thumb is that anything worth more than $500 should be appraised. If you are unsure, schedule an appointment to bring your items into Spectrum Fine Jewelry and we can help you identify which jewelry items may need further documentation. It is also very important to contact your insurance company and determine what documentation is preferred , as well as what your policy may cover. \r\nYou can read more about the importance of jewelry insurance.